The Railway Land Development Authority is looking at lease seven land parcels in Chennai for commercial development with an eye on cashing in on the emergence of the southern metro as a prominent realty hub owing to the growth of the IT/ITes sector.
According to Ved Parkash Dudeja, vice-chairman, RLDA, upcoming developments, such as Chennai Metro, the comprehensive infrastructure road development programme of Tamil Nadu and the upgradation of the Chennai International Airport will further bolster realty prospects in the city. This will benefit the Railways which have several land parcels in Chennai that are strategically located and suitable for commercial development.
The land development arm of the Railways which is responsible for leasing of commercial sites, is in the process of inviting online bids for leasing the 7 land parcels, two of which of 2.5 acre each, and one land parcel of 3.6 acre are in the Ayanavaram railway colony, situated along Konnur High Road and Duncan Road.
These three land parcels are well-connected with residential development in the vicinity and have a 45 years lease period. The reserve price for Part A with built-up-area potential of 3,53,925 sq ft is kept at Rs 28.5 crore, for Part B of 2,17,800 sq ft is Rs 20 crore and that for Part C of 3,13,632 sq ft is Rs 28 crore. The bid has been invited with the opening date of August 24, 2021.
Another land parcel of 0.27 acre, located at Waltax Road site, has been found suitable for petrol pumps, CNG stations and battery charging stations for e-vehicles. The reserve price of the site is kept at Rs 4.19 crore for a lease period of 45 years and the bid has been invited with the last date of e-bid submission being 12 August, 2021. The Pulianthope site spans 2.09 acre with access to numerous facilities and will be leased for 45 years with a reserve price of Rs 11.60 crore. Bids received for this site are being considered for award of LOA.
The land parcel at Victoria Crescent site spanning 0.43 hectare, has excellent connectivity to other parts of Chennai and will be leased out for 99 years with a reserve price of Rs 41 crore. Bids have been invited and will be opened on September 2, 2021. Apart from this, a request for proposal for the redevelopment of the Egmore railway colony will be invited shortly.